Simple short on gold, may close at pivot point depending on PA
Parallel channel, possible short entry if we reject trend line resistance level and see bearish momentum building, looking at price action so far I would say this is likely to happen. We should also look to close below R2 on 4H Chart (around 137.00~) If we get this close below support then I will take the trade. Stop above previous highs and outside of trend...
Monthly Outlook - Strong previous year resistance at $1375, December saw a rise in price from lows of $1235 (long term trend line acting as support) to close to this level. However, in January momentum has dwindled and prices peaked just short at $1365 level before closing at $1345. Weekly- End Jan- Beginning of Feb so far is looking bearish and so we have...
Going long on EURUSD next week. Bounce from low volume support and interaction with .382 retracement level.
NU Short after a break and retest of structure
Just sold GBPCHF after respecting structure for quite some time now, nice touch and rejection of trend and some bearish price action after.
Following trend nicely, minor support below last swing low, and a long term support on weekly chart (Bottom dotted line)
Respecting weekly trend will set an order for entry around 111.700 (low volume at price and previous reversal zone on daily. 45 pip stop with a target at 110.100 in line with previous wave and taking us to our -61.8 retracement level.
stoploss puts us below 61.8 fib level and at 4 day lows, tp just above previous high in trend which i think we may achieve due to break in long term structure.
Saw a break of a month long structure earlier in the week, came back down and currently retesting, if we reject this trend will open a long position with stops similar to what is plotted.
Current update of my position on gold and expected moves. May see another small reversal before breaking neckline.
Will wait for a break and retest of current trend, after confirmation of the beginning of a bearish move outside our trend will open a short position with stops as indicated on chart.
My thoughts on GOLD Formed a nice doubletop earlier on in the previous few months and broke through our yellow resistance line to form a new high for the year, before coming straight back down below our yellow support and resistance zone, based in technicals i think we will see a retest of our yellow resistance line and then a possible rejection in line with...
Keeping in simple, bounce from 61.8 retracement and target set equal to previous high for some easy money.